The Signify acquisition comes as CVS rivals from Amazon to Walgreens are moving further into the health-care sector.
Signify Health's shares have surged nearly 45% over the last month to give it a market value of about $6.7 billion at $28.77 a share as of Friday's close, according to FactSet. The Wall Street JournalShares of Signify, which went public in February 2021,acquire or take a stakeThe Signify deal follows other acquisitions and shifts into primary health care.
The companies expect the acquisition, which is subject to regulatory approval, to close in the first half of next year. Private equity firm New Mountain Capital owns about 60% of Signify's common stock and agreed to support the deal, the companies said. CVS Health and Signify Health will hold an analyst and investor call at 8:30 a.m. ET on Tuesday to discuss the transaction.
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